European Central Bank Governing Council member Primoz Dolenc stated on Thursday that raising interest rates is a necessary step to control inflation, as officials assess the broader implications of the Middle East conflict.

The Governor of the Bank of Slovenia, speaking in an interview hours after the ECB announced its rate increase, said the move will allow the central bank to "consider the broader economic environment" in upcoming meetings, adding that for now, "we just need to continue on the main path."

He indicated that while there was insufficient evidence to support a rate hike at the previous two meetings, the solid data now available clearly shows that "inflation will be higher and economic growth will be lower."

Dolenc did not disclose any information about the next steps, merely reiterating the ECB's official stance that decisions will be data-dependent. Simultaneously, he dismissed concerns from some analysts that raising rates amid economic weakness could be a misstep.